When Nigeria’s anti-corruption chief, Dr. Musa Adamu Aliyu, SAN, addressed prosecutors in Lusaka earlier this month, his message was clear: corruption can no longer be fought with prosecutions alone.
For real impact, Nigeria must take away the rewards that fuel graft – stolen assets.
Speaking at the National Annual Prosecutors’ Conference in Zambia, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) described asset recovery as “not just a legal tool but a moral imperative.”
According to him, corruption is a “cancerous growth” that undermines national development, widens inequality, and erodes public trust.
By tracing, freezing, and reclaiming illicit wealth, the state not only punishes offenders but also restores stolen opportunities to ordinary citizens.
The Nigerian Experience
Nigeria’s journey with asset recovery has evolved over two decades.
From the Corrupt Practices and Other Related Offences Act (2000) to the Proceeds of Crime Act (2022), successive reforms have equipped agencies with powers to seize, manage, and repurpose illicit assets.
The 2022 law, in particular, introduced non-conviction-based forfeiture, allowing the government to confiscate property without waiting for lengthy criminal trials – a shift that aligns Nigeria with global anti-corruption standards.
TIMES OF NIGERIA understands that the ICPC, alongside the EFCC and other bodies, now manages assets through a centralised database and consolidated Central Bank account, ensuring transparency.
At an Asset Recovery Summit in Abuja in May 2025, President Bola Tinubu reaffirmed that asset recovery would remain a priority, launching a National Central Database of Forfeited and Recovered Assets and new automated systems for monitoring seizures.
Billions Recovered, But at a Cost
Dr. Aliyu revealed that since 2017, Nigeria has recovered over $763 million and £6.47 million through local efforts and international cooperation.
Some of the biggest recoveries came from Switzerland, the UK, and the US – countries where Nigeria’s looted wealth is often hidden.
Case studies highlight both the scale of corruption and the painstaking process of recovery.
In one instance, a $65 million Federal Mortgage Bank loan for low-income housing in Abuja was misappropriated.
The ICPC obtained interim forfeiture of the lands linked to the fraud, while criminal charges were filed against senior officials.
In another case, a top petroleum manager laundered £160,000 through a UK bank, later permanently forfeited to Nigeria.
Perhaps most strikingly, investigations into payroll fraud uncovered thousands of ghost workers, leading to recoveries of more than ₦25.8 billion from fraudulent pension and salary payments.
These examples, Aliyu noted, send a strong message: “You may steal, but you will not enjoy the proceeds.”
Challenges That Undermine Progress
Despite these wins, Nigeria’s asset recovery regime faces serious hurdles.
Transparency remains fragile.
In the past, recovered assets were dogged by accusations of “re-looting,” fuelling public scepticism.
While databases and new laws promise accountability, implementation lags.
Judicial bottlenecks also slow progress.
Conflicting Supreme Court rulings – particularly between Jonathan v FRN (2019) and Melrose v EFCC (2024) – have left prosecutors uncertain about the burden of proof in forfeiture cases.
While one decision upheld interim forfeiture based on “reasonable suspicion,” the latter demanded “cogent and credible evidence” directly linking assets to criminal conduct, raising the bar for investigators.
“Such divergent interpretations create uncertainty and can be exploited to derail recovery efforts,” Aliyu warned.
He called for specialised anti-corruption courts to fast-track complex asset recovery proceedings.
Resource constraints further undermine efforts.
Asset tracing and management require forensic accountants, financial investigators, and advanced technology.
Yet agencies remain underfunded, limiting their capacity to follow complex international money trails.
The Way Forward
Experts agree that asset recovery must be paired with visible restitution.
Nigerians need to see recovered funds reinvested in public goods such as schools, hospitals, and infrastructure.
Civil society groups, including SERAP and the African Network for Environment and Economic Justice (ANEEJ), have long argued that linking recovered funds to specific projects will build trust and counter the narrative that stolen assets are recycled into corruption.
Dr. Aliyu recommended a multi-pronged approach: “Transparency by design – publishing data on all forfeitures and their uses. Better coordination between agencies to close loopholes and avoid duplication. Investment in skills and technology for forensic tracing. International partnerships to close safe havens for illicit wealth. And public engagement to monitor how recovered funds are spent”.
Restoring Trust Through Justice
Ultimately, asset recovery goes beyond statistics.
For a country where corruption has stifled development for decades, each recovery represents stolen opportunities reclaimed – a hospital built, a school rehabilitated, or a community water project funded.
“The fight against corruption is a fight for the soul of our nation,” Aliyu declared.
“Recovered assets must serve as restitution, not just punishment.
This is how we rebuild trust and ensure that crime does not pay.”
For Nigeria, the battle is far from over.
But as asset recovery strengthens, it offers not only justice for past thefts but also hope for a more accountable future.